NEW YORK (TheStreet) - Taiwan Semiconductor Manufacturing (TSM - Get Report ) shares are rallying by 1.71% to $24.05 on Thursday afternoon, after Morgan Stanley raised its rating on the stock to "overweight" from "equal weight" earlier this morning.
Additionally, the company will be the sole supplier of processors for Apple's (AAPL) next iPhones, according to Reuters.
The company beat rival chipmaker Samsung Electronics Co. (SSNLF) to create processors using 10-nanometre manufacturing technology.
Based in Taiwan, Taiwan Semiconductor Manufacturing Company engages in the computer-aided design, manufacture, packaging, testing, sale, and marketing of integrated circuits and other semiconductor devices.
Separately, TheStreet Ratings currently has a "Buy" rating on the stock with a letter grade of A-.
This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: TSMTSM data by YCharts